Founder Group Expands Southeast Asia Presence With Proposed Acquisition of Vietnam-Based Renewable Energy Company
Founder Group (NASDAQ: FGL) announces plans to acquire an 80% stake in VES 1 Joint Stock Company (VES1), a Vietnamese renewable energy company specializing in solar projects. VES1's current portfolio includes 5.6MWp solar rooftop projects, with potential expansion rights for 50MWp/60MWh in 2025 and 58MWp/50MWh in 2026. The deal grants FGL exclusive rights to VES1's future rooftop solar and energy storage projects in Vietnam for three years. Vietnam's solar energy market is projected to reach US$12.4 billion by 2030, with a 16% CAGR from 2023-2030.
Founder Group (NASDAQ: FGL) annuncia piani per acquisire una partecipazione dell'80% in VES 1 Joint Stock Company (VES1), un'azienda vietnamita di energie rinnovabili specializzata in progetti solari. L'attuale portafoglio di VES1 include progetti di pannelli solari su tetti per 5,6 MWp, con diritti di espansione potenziali per 50 MWp/60 MWh nel 2025 e 58 MWp/50 MWh nel 2026. L'accordo concede a FGL diritti esclusivi sui futuri progetti di energia solare e stoccaggio energetico di VES1 in Vietnam per tre anni. Si prevede che il mercato dell'energia solare in Vietnam raggiunga i 12,4 miliardi di dollari entro il 2030, con un CAGR del 16% dal 2023 al 2030.
Founder Group (NASDAQ: FGL) anuncia planes para adquirir una participación del 80% en VES 1 Joint Stock Company (VES1), una empresa vietnamita de energías renovables especializada en proyectos solares. El portafolio actual de VES1 incluye proyectos de paneles solares en techos de 5.6 MWp, con derechos de expansión potencial para 50 MWp/60 MWh en 2025 y 58 MWp/50 MWh en 2026. El acuerdo otorga a FGL derechos exclusivos sobre los futuros proyectos solares en techos y de almacenamiento de energía de VES1 en Vietnam durante tres años. Se prevé que el mercado de la energía solar en Vietnam alcance los 12.4 mil millones de dólares para 2030, con un CAGR del 16% de 2023 a 2030.
파운더 그룹 (NASDAQ: FGL)는 베트남의 재생 에너지 회사인 VES 1 합동 주식 회사 (VES1)의 80% 지분을 인수할 계획을 발표했습니다. VES1의 현재 포트폴리오에는 5.6MWp의 태양광 지붕 프로젝트가 포함되어 있으며, 2025년에 50MWp/60MWh, 2026년에 58MWp/50MWh의 확장 권리가 있습니다. 이 거래는 FGL에게 3년 동안 베트남 내 VES1의 향후 태양광 및 에너지 저장 프로젝트에 대한 독점 권리를 부여합니다. 베트남의 태양광 시장은 2030년까지 124억 달러에 이를 것으로 예상되며, 2023년부터 2030년까지 연평균 16% 성장할 것으로 보입니다.
Founder Group (NASDAQ: FGL) annonce des projets d'acquisition d'une participation de 80 % dans VES 1 Joint Stock Company (VES1), une entreprise vietnamienne spécialisée dans les énergies renouvelables et les projets solaires. Le portefeuille actuel de VES1 comprend des projets solaires sur toit d'une capacité de 5,6 MWp, avec des droits potentiels d'expansion de 50 MWp/60 MWh en 2025 et de 58 MWp/50 MWh en 2026. Cet accord accorde à FGL des droits exclusifs sur les futurs projets solaires sur toit et de stockage d'énergie de VES1 au Vietnam pendant trois ans. Le marché de l'énergie solaire au Vietnam devrait atteindre 12,4 milliards de dollars d'ici 2030, avec un taux de croissance annuel moyen de 16 % entre 2023 et 2030.
Founder Group (NASDAQ: FGL) kündigt Pläne an, eine 80%ige Beteiligung an VES 1 Joint Stock Company (VES1) zu erwerben, einem vietnamesischen Unternehmen für erneuerbare Energien, das sich auf Solarprojekte spezialisiert hat. Das aktuelle Portfolio von VES1 umfasst Solardachprojekte mit 5,6 MWp, mit potenziellen Erweiterungsrechten von 50 MWp/60 MWh im Jahr 2025 und 58 MWp/50 MWh im Jahr 2026. Das Geschäft gewährt FGL exklusive Rechte an den zukünftigen Solardach- und Energiespeicherprojekten von VES1 in Vietnam für drei Jahre. Der Markt für Solarenergie in Vietnam wird bis 2030 voraussichtlich 12,4 Milliarden USD erreichen, mit einer jährlichen Wachstumsrate von 16% von 2023 bis 2030.
- Acquisition of 80% stake in established Vietnamese renewable energy company
- Secured rights to expand solar capacity up to 108MWp with 110MWh energy storage by 2026
- Exclusive rights to VES1's future projects for three years
- Entry into Vietnam's growing solar market projected to reach $12.4B by 2030
- Financial terms of the acquisition not disclosed
- Project expansion rights subject to off-taker approval
Insights
This strategic acquisition positions Founder Group to capitalize on Vietnam's rapidly expanding renewable energy market. The deal's structure is particularly compelling: 80% stake acquisition in VES1 provides strong operational control while securing exclusive rights for future projects over three years. The immediate pipeline includes
Vietnam's renewable energy market presents significant growth potential, with projected revenue of
The technical aspects of this acquisition reveal strong strategic value. The combined solar-plus-storage projects planned for 2025-2026 represent an advanced infrastructure approach that addresses grid stability concerns. The first right of refusal for expansion projects provides valuable optionality, while the existing
The integration of energy storage systems (60MWh and 50MWh) with solar installations indicates a sophisticated approach to power management and grid services. This positions VES1 to capture higher-value contracts and potentially benefit from capacity payments or ancillary services revenue streams, beyond pure solar generation income.
KUALA LUMPUR, Malaysia, Nov. 25, 2024 (GLOBE NEWSWIRE) -- Founder Group Limited (NASDAQ: FGL) (“Founder Group” or the “Company”), a leading engineering, procurement, construction, and commissioning (EPCC) solutions provider for solar photovoltaic systems in Malaysia, is pleased to announce its proposed acquisition of a majority stake in VES 1 Joint Stock Company (“VES1”), a subsidiary of VES Joint Stock Company (“VES”). VES is a pioneer in renewable energy in Vietnam, specializing in solar and wind power solutions, while VES1 focuses on developing solar energy projects across the country.
Under the terms of the proposed acquisition, Founder Group will acquire approximately
Vietnam’s strategic energy development plan for 2021-2030 aims to achieve a renewable energy share of 15
“We are excited about the opportunity to expand our footprint in Southeast Asia through this strategic acquisition of a majority stake in VES1,” said Lee Seng Chi, Chief Executive Officer of Founder Group Limited. “VES1’s established track record in Vietnam’s growing solar energy market, combined with its pipeline of current and future projects, aligns well with our strategic objectives. This acquisition enhances our position in the renewable energy sector and provides us with exclusive access to key opportunities in rooftop solar and energy storage, further advancing our commitment to sustainable energy solutions.”
“We look forward to working together with Founder Group to advance our renewable energy solutions and improve our business sustainability. We will continue to deliver a range of renewable energy projects and strive to make a significant contribution to Vietnam’s strategic energy development plan,” said Andy Nguyen, Chairman and Founder of VES Joint Stock Company.
About Founder Group Limited
Founder Group Limited is a pure-play, end-to-end EPCC solutions provider for solar PV facilities in Malaysia. The company’s primary focus is on two key segments: large-scale solar projects and commercial and industrial (C&I) solar projects. The company’s mission is to provide customers with innovative solar installation services, promote eco-friendly resources and achieve carbon-neutrality.
For more information on the Company, please visit https://www.founderenergy.com.my/.
About VES Joint Stock Company
VES is a leading pioneer in Vietnam's renewable energy sector, specializing in the development, installation, and management of solar and wind power solutions. With over seven years of experience, VES has successfully delivered a range of renewable energy projects, including solar and wind power installations for major clients such as the Vietnam Navy, Vietnam Electricity (EVN), and the German Government’s Clean Energy Program.
VES works with top-tier international partners such as IBC Solar (Germany) and Libra Energy BV (Netherlands) to promote sustainable energy solutions across Vietnam. Committed to advancing clean energy, VES plays a key role in driving the country’s transition to renewable resources and supporting the global goal of achieving carbon neutrality.
For more information on the Company, please visit https://ves-vn.com/.
Safe Harbor Statement
This press release contains forward-looking statements that reflect our current expectations and views of future events. Known and unknown risks, uncertainties and other factors, including those listed under “Risk Factors” in the Company’s filings with the U.S. Securities and Exchange Commission, may cause our actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements. You can identify some of these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to,” “potential,” “continue” or other similar expressions. We have based these forward-looking statements largely on our current expectations and projections about future events that we believe may affect our financial condition, results of operations, business strategy and financial needs. These forward-looking statements involve various risks and uncertainties. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. We qualify all of our forward-looking statements by these cautionary statements.
CONTACT INFORMATION:
For media queries, please contact:
Founder Group Limited
info@founderenergy.com.my
Investor Relations Inquiries:
Skyline Corporate Communications Group, LLC
Scott Powell, President
1177 Avenue of the Americas, 5th Floor
New York, New York 10036
Office: (646) 893-5835
Email: info@skylineccg.com
FAQ
What is the size of Founder Group's planned acquisition stake in VES1?
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